Top 10 Best Manufacturing Companies in India [ 2022 Update ]

Top 10 Best Manufacturing Companies in India [ 2022 Update ]

The manufacturing sector in India presently happens to be a high-growth segment, propelling the country’s GDP.

Thanks to the ambitious ‘Make in India’ campaign, this sector continues to grow at a healthy rate. Particularly, the government’s vision to create 100 million fresh jobs in the manufacturing sector by 2022 further leverages this segment.

India has got a massive domestic market, along with a rising middle-class population. Besides, an increasing share of the young population in the manufacturing sector further streamlines the industry.

In this post, we are going to take a look at the top 10 manufacturing companies in India. We have prepared this list based on the volume of sales in 2020.

List of top 10 Manufacturing Companies in India

Sl. No. Company Name Revenue


Market Cap


ROE Sales Growth (3Yrs) Promoter holding Debt to equity
10. UPL Ltd. 33,140 Cr. 27,758 Cr. 14.87 % 15.84 % 27.88 % 2.12
9. UltraTech Cement Ltd 42,284 Cr. 102,002 Cr. 8.58 % 14.12 % 59.70 % 0.70
8. Motherson Sumi Systems Ltd 65,547 Cr. 27,411 Cr. 15.42 % 19.51 % 61.73 % 1.13
7. JSW Steel Ltd 77,807 Cr. 42,857 Cr. 24.22 % 26.83 % 42.71 % 1.12
6. Grasim Industries Ltd 78,689 Cr.  35,886 Cr. 5.39 % 28.38 % 40.11 % 1.31
5. Maruti Suzuki India Ltd 78,926 Cr. 166,295 Cr. 13.32 % 14.33 % 56.21 % 0.01
4. Mahindra & Mahindra Ltd 102,156 Cr. 45,153 Cr. 13.47 % 18.90 % 11.35 % 1.56
3. Hindalco Industries Ltd 122,572 Cr 27,888 Cr 9.86 % 9.75 % 34.65 % 0.97
2. Tata Steel Limited 148,471 Cr 31,833 Cr 15.53 % 15.64 % 33.12 % 1.41
1. Tata Motors Ltd 284,997 Cr. 25,574 Cr. -1.80 % 5% 42.39 % 1.83

10- UPL Ltd.

Previously known as United Phosphorus Limited, UPL is a leading MNC. Presently, it is one of the leading manufacturing companies in India in terms of sales.

The company presently manufactures as well as markets products like chemical intermediates, industrial chemicals, agrochemicals, crop protection solutions, and specialty chemicals.

UPL has its headquarters in Mumbai and engages in manufacturing products for both the agro and non-agro sectors. However, the agro-business continues to be the company’s prime revenue source.

It encompasses several conventional agrochemical products related to agriculture, such as seeds. 

Product Portfolio:

  • Agrochemicals
  • Chemical Intermediates
  • Industrial Chemicals
  • Vegetable Seeds
  • Specialty Chemicals

On the other hand, the non-agro segment involves products like herbicides, insecticides, rodenticides, fungicides, regulators for plant growth, nutrifeeds, and specialty chemicals. UPL sells these products in more than 150 countries across the world.

Among global competitors, UPL presently finds its place in the fifth position after it acquired Arysta Life Science. In 2020, the company registered a revenue of INR 33,140 crore, making it one of the best manufacturing companies in India.

In terms of market capitalization, it looks healthy with assets worth INR 27,758 crore. With a 14.87 % Return to Equity and 15.84 % annual growth, UPL looks to be in a good position. Also, more than a quarter segment of its assets are held by promoters, at 27.88 %. UPL has a healthy debt to equity ratio of 2.12.

9- UltraTech Cement Ltd

UltraTech Cement, being the largest cement manufacturer in India, easily finds its position in the list of top 10 manufacturing companies in India. Besides, it is one of the leading cement manufacturers in the world.

The vision of UltraTech Cement is to emerge as ‘The Leader’ when it comes to building solutions. The consolidated capacity of the company to produce grey cement is 116.8 million tonnes per annum.

Product Portfolio:

  • Grey Cement
  • White Cement
  • Concrete 
  • Building Products
  • Building solutions

Even outside India, this company has got a strong footprint in international markets, such as Bahrain, Sri Lanka, and the UAE. Besides, this company happens to be a founding member of the Global Cement & Concrete Association, which defines its stature in the industry. o

Presently, this company is the largest grey cement manufacturer in India. Other products manufactured by Ultra Tech Cement include white cement, concrete, building products and building solutions. Evidently, the company produces an extensive range of products for addressing various construction requirements.

In 2020, the Ultra Tech Cement recorded a revenue inflow of INR 42,284 crore. It has got a massive market capitalization of INR 1,02,002 crore, which defines its authority in the construction sector.

The return to equity looks healthy at 8.58 %, and the last three years have witnessed the company register 14.12 % sales growth. The promoter holding of Ultra Tech Cement stands at 59.70%, which is very impressive. At 0.70%, the debt to equity ratio also looks good. 

8- Motherson Sumi Systems Ltd

MSSL (Motherson Sumi Systems Limited) is one of the topmost companies specializing in the manufacturing of automotive components for OEMs (Original Equipment Manufacturers).

Being one of the topmost manufacturing companies in India, it has an international customer base. Interestingly, MSSL has got a footprint on all six continents. It supplies parts for leading automotive companies from as many as 36 countries.

In terms of auto ancillaries, it is presently the topmost company in India. Presently, Motherson Sumi is manufacturing rearview mirrors, wiring harnesses, parts made from moulded plastic, door trims, dashboards, bumpers, etc.

It also specializes in the manufacturing of rubber components for industrial and automotive applications, HVAC systems, and tools for injection molding.

Product Portfolio:

  • Plastic car parts
  • HVAC systems
  • Injection molding tools
  • Extruded rubber products
  • Waste recycling systems

With revenue of INR 65,547 crore in 2020, MSSL makes its way into the list of top Indian manufacturing companies. Currently, the company is operating with a market capitalization of INR 27,411 crore.

A healthy 15.42 % ROE and as much as 19.51 % annual growth defines the success of the company. Besides, it records as much as 61.73 % promoter holding, defining the quality of involvement of the officials. The debt-to-equity ratio of the company looks healthy at 1.13.

7- JSW Steel Ltd

JSW Steel is the second-largest manufacturer of steel in India. It operates as a flagship of the JSW Group as an integrated steel manufacturing company. It finds a berth in the list of top 10 manufacturing companies in India, given that it is capable of producing 18 million tonnes of steel each year.

Interestingly, it offers a complete gamut of products made of steel and has a diverse portfolio. JSW Steel has several manufacturing units at Dolvi, Vijayanagar, Tarapur, Salem, and even Texas.

The facility at Vijayanagar in Karnataka is the largest in the country, with a capacity of 12 MTPA. This company is a part of the O.P. Jindal Group of the US, valued at $15 billion.

JSW Steel’s product portfolio consists of TMT rebars, pre-painted galvalume, special steel bars and wire rolls, hot and cold rolled steel, and galvanized steel.

Product Portfolio:

  • Pre-painted galvalume
  • Hot and cold rolled steel
  • Galvanized steel bars
  • Wire rolls
  • TMT rebars

 Presently, this company stands among the leading manufacturers in India, with a revenue of INR 77,807 crore in 2020.

JSW Steel has got a massive market cap of INR 42,857 crore. Besides, its ROE of 24.22 % looks impressive. The last three years have witnessed the company grow by 26.83 %. With a decent promoter share of 42.71 % and a debt-to-equity ratio of 1.12, JSW Steel looks to be in strong command of the industry.

6- Grasim Industries Ltd. 

Grasim Industries Limited started off in 1947 as a textile manufacturer. The company has undergone impressive growth since then, earning its spot as one of the top manufacturing companies in India.

Moreover, this is a flagship company under Aditya Birla Group, a global conglomerate. Currently, Grasim Industries Limited is greatly diversified across multiple sectors. Ultratech and Aditya Birla Capital are two of the key subsidiaries of this company. This also makes the brand one of the major financial services players in India and the country’s largest producer of cement.

The financial services of the company span across different sectors, such as insurance, NBFCs, and asset management. Most importantly, Grasim Industries Ltd. is a leader in the global production of Viscose Staple Fiber.

The company is also the largest manufacturer of Chlor-Alkali, insulators, and linen in India. 

Product Portfolio:

  • Viscose Staple Fiber
  • Cement
  • Financial services
  • Textiles
  • Chemicals

With a revenue of INR 78,689 crore in 2020, Grasim Industries Ltd. is One of the top 10 manufacturing companies in India so far. Their market cap of INR 35,886 crore is quite impressive. Their sales grew by 28.38 % in the past three years, which shows that the company is growing at a healthy rate.

Grasim Industries Limited has recorded a debt-to-equity value of 1.31, which, again, is a clear indicator of the company’s strong presence in the market. Their promoter holding is, as of 2020, 40.11% while the ROE is at 5.39%. 

5- Maruti Suzuki India Ltd

Known to be one of the leading car brands in India, Maruti Suzuki India Ltd. is also the fifth largest manufacturing company in the country.

In 1981, the company was established. In 1982, Suzuki Motor Corporation (SMC), Japan signed an agreement with the government of India. Later, Maruti Suzuki India Ltd became a subsidiary of SMC in 2002.

Right now, 56.21% of the equity stake of this company lies with SMC. The shares of this company undergo trading at the Bombay Stock Exchange and the National Stock Exchange.

Product portfolio

  • Light duty utility vehicles and passenger cars
  • Components and spare parts
  • Rental income
  • Scrap
  • Service income

This brand has earned its place as one of the top Indian manufacturing companies, with a revenue of INR 78,926 crore in 2020. Over the period of the last three years, the sales of Maruti Suzuki India Ltd. have grown by 14.33%.

In 2020, the company recorded a market cap of INR 166,295 crore. At 0.01, the debt-to-equity value of the company looks good. In 2020, the ROE of Maruti Suzuki India Ltd. was 13.32% while the promoter holding was 56.21%.

All these figures indicate that the company is likely to remain as one of the top manufacturers in India. 

4- Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd is a flagship company of the Mahindra Group, focused on the production of farm solutions and mobility products. Mahindra & Mahindra Ltd is particularly known for the production of trucks and similar vehicles. These include SUVs, tractors, commercial vehicles, pickups and more.

Apart from these, the company also manufactures two-wheelers and various construction equipment. Mahindra and Mahinda is also diversified across sectors like IT and telecom, project management, infrastructure development, steel trading, etc.

With such a broad portfolio, it is no wonder that the company captured a large market and became one of India’s top manufacturers.

Product portfolio

  • Automobiles
  • Sale of services
  • Share & Securities
  • Software Services
  • Dividend

The fact that Mahindra and Mahindra Ltd. happens to be among the leading manufacturing companies in India is a clear indicator that this company is performing quite well. As of 2020, the revenues generated by the company were as high as INR 1,02,156 crore.

The company showed a market cap of INR 70,750 crore. The sales grew by 11.35% in the past three years. In 2020, the Mahinda and Mahindra recorded a debt-to-equity of 1.56% and a promoter holding of 18.90%. The 13.47% ROE was indeed quite good as well.  

3- Hindalco Industries Ltd.

Hindalco Industries Ltd. is an industry leader in aluminum and copper. Currently, this is the largest aluminum rolling company in the world.

With a total turnover of USD 18.7 billion, it is the metals flagship company of the Aditya Birla Group. Hindalco Industries Ltd. had started its journey in 1958, setting up India’s first integrated aluminum facility four years later.

Eventually, the company grew into one of the largest producers of primary aluminum in Asia.

The activities of Hindalco Industries Ltd. are no longer restricted within India alone as the company now has a footprint in ten foreign countries.

Product portfolio:

  • Aluminum
  • Sale of services
  •  Other Operating Revenue

The company earned a revenue of INR 1,22,572 crore and earned the third rank among the manufacturing companies in India in 2020. Hindalco Industries Ltd. had a market cap of INR 27,888 crore in the same year, along with 9.86% ROE.

The company also showed a healthy debt to equity of 0.97% and witnessed a 9.75% growth in sales over the last three years. The promoter holding of Hindalco Industries Ltd. in 2020 was 34.65%.

2- Tata Steel Limited

With a total crude steel capacity of 34 MnTPA, Tata Steel Limited happens to be one of the top Indian manufacturing companies, with a footprint in Europe and Asia.

Tata Steel was established in 1907 and it became the first integrated private steel company in Asia. Currently, this company has a crude steel capacity of 19.4 MnTPA in India and another 14.6 MnTPA overseas. This essentially has made Tata Steel Limited one of the leading producers of steel globally.

12.1 MnTPA of the overseas crude steel capacity of this company lies in Europe, making them the second-largest steel producer in the continent. During the period from 1018 to 2019, Tata Steel Limited also acquired Bhushan Steel Limited.

One of their subsidiaries also acquired Usha Martin Limited.

Product portfolio:

  • Steel and Steel Products
  • Power
  • Other Operating Revenue

The revenue earned by Tata Steel Limited in 2020 was as high as INR 1,48,471 crore while the market cap was INR 31,833 crore.

The company recorded a 15.64 % growth in sales in the past three years, alongside an ROE of 15.53 %. As of 2020, the promoter holding of Tata Steel Limited was 33.12%. In the same year, the company had a debt-to-equity value of 1.41%.

1- Tata Motors Limited

With a value of USD 35 million, Tata Motors Limited is one of the leading manufacturing companies in India in the automobile sector. In fact, the company holds first place among all the manufacturers in India in terms of revenue.

Tata Motors Limited has earned its place among the top automobile companies globally, with plenty of subsidiaries. The product portfolio of this company includes an impressive variety of vehicles, including e-mobility solutions.

With a market share of 45.1%, Tata Motors Limited also happens to be the leading manufacturer of commercial vehicles in India. The subsidiaries of this company include popular car brands such as Jaguar and Land Rover.

Product portfolio

  •  Motor Vehicles
  • Spare Parts & Others
  •  Miscellaneous Goods
  • Sale of services
  • Other Operating Revenue

In 2020, Tata Motors earned a whopping INR 2,84,997 as revenues, which easily made the company the top manufacturer in India.

The company had a market cap of 25,574 Cr in 2020. Although the -1.80 % ROE is negative amidst the pandemic, the company promises good returns. The debt-to-equity value of Tata Motors Limited in 2020 was 1.83.

The company recorded a 42.39% promoter holding in the same year. Overall, the company seems to be doing quite well and is expected to remain as one of India’s leading manufacturers.  


As the Indian manufacturing sector propels to higher zeniths, the leading companies in this domain contribute to the GDP fervently. Although we have listed down the top Indian manufacturing companies for your convenience in this post, you also have several others in the list.

As stated, we have prepared this list on the basis of sales figures in 2020. However, if you consider other parameters, you might have other manufacturers in the list. Considering the commercial success of these manufacturing companies in India, the ones listed in this post continue to be the best.

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